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Marketing > Strategic Marketing Planning L3 > Flashcards

Strategic Marketing Planning L3 Flashcards

1
Q

What does the strategic context consist of?

A
  • Resources and capabilities
  • Competitors
  • The external environment
  • Target customers
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2
Q

What does the strategic context framework include?

A
  1. Vision
  2. Mission
  3. Organisational values
  4. Organisational goals
  5. Corporate strategy
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3
Q

What is a vision as part of the strategic context framework?

A

Statement about what an organisation wants to become. It should give shape and direction to an organisation’s future. Very long term, probably never achieved because it changes.

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4
Q

What is a mission as part of the strategic context framework?

A

A broad statement of intent, which sets out an org’s purpose and direction, what it wishes to achieve in the long term. What will be done to achieve the vision, the steps are achievable and measurable.

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5
Q

What are organisational values as part of the strategic framework?

A

They define the acceptable interpersonal and operating standards of behaviour. They govern and guide the behaviour of individuals within the organisation.

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6
Q

What are organisational goals as part of the strategic framework?

A

Desired outcomes of the organisation’s various activities. May be articulated in terms of profit, market share, share value, return on investment, or numbers of customers served. SMART - much shorter term.

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7
Q

What is corporate strategy in terms of the strategic context framework?

A

The means by which the resources of the organisation are matched with the needs of the environment in which the organisation decides to operate.

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8
Q

What is the purpose of the organisation?

A

The reason the organisation became into existence. The purpose often gets lost as the firm gets bigger.

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9
Q

What is marketing planning according to McDonald (2002)?

A

It is a sequential process involving a series of activities leading to the setting or marketing objectives and the formulation of plans for achieving them.

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10
Q

What is the executive summary in terms of marketing planning?

A

A brief, one page summary of key points and outcomes.

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11
Q

What are the overall objectives in terms of marketing planning?

A

Reference should be made to the organisation’s overall mission and corporate goals - the elements that underpin the strategy

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12
Q

What is the product/market background in terms of marketing planning?

A

This comprises a short summary of the product and/or market to clarify understanding about target markets, sales history, market trends, main competitors, and the organisation’s own product portfolio

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13
Q

What are marketing strategies in terms of marketing planning?

A

This section should be used to state the market to be targeted, the basis on which the firm will compete, the competitive advantages to be used, and the way in which the product will be positioned in the market

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14
Q

What are the marketing goals in terms of marketing planning?

A

The desired outcomes of the strategy should be expressed in terms of the volume of expected sales, the value of sales and market share gains, levels of product awareness, availability, profitability and customer satisfaction

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15
Q

What are marketing programmes in terms of marketing planning?

A

A marketing mix for each target market segment has to be developed, along with a specification of who is responsible for the various activities and actions, and the resources that are then to be made available

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16
Q

What is the implementation stage in terms of marketing planning?

A

It sets out the

  • Way in which the plan is to be controlled and evaluated
  • Financial scope of the plan
  • Operational implications in terms of HR, research and development and system and process needs
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17
Q

How does supporting documentation get incorporated into the marketing plan?

A

They should contain documentation that is too bulky to be in the plan itself but necessary for reference and detail e.g market research

18
Q

What is the cycle of strategic planning?

A

Develop strategic plans –> develop marketing plans –> carry out plans –> measure results –> evaluate –> corrective action

19
Q

What are the prime strategy characteristics?

A
  1. Market leader
  2. Market challenger
  3. Market follower
  4. Market nicher
20
Q

What is a market leader?

A

Attack the market, create new uses and users, or increase frequency of users. Regular innovation, larger ranges, price cutting and discounts, increased promotion.

21
Q

What is a market challenger?

A

Attack the market leader, use pricing, new product attributes, sharp increase in advertising spend. Attack rivals, special offers and limited editions, offer superior competitive advantages. Maintain status quo.

22
Q

What is a market follower?

A

Avoid hostile attacks on rivals, copy the market leader and provide good quality products that are well differentiated. Focus on differentiation and profits, not market share.

23
Q

What is a market nicher?

A

Rapidly increasing, provide high level specialisation - geographic, proposition, service customer group. Provide tight fit between market needs and organisation’s resources

24
Q

What factors fit into the CCDVTP acronym?

A 
Create
Communicate
Deliver
Value to a
Target market at
Profit
25
Q

What are the steps to strategic marketing planning?

A

1) What business are we in?
2) What sort of business are we?
3) What sort of business can we be in?

26
Q

What does step 1 of strategic marketing planning involve?

A
  • Mission analysis: customer needs + values

- Customer needs: what matters to the customer should be a defining element of business

27
Q

What does step 2 of strategic marketing planning involve?

A
  • Internal marketing audit - competences needed to meet customer needs
  • SWOT analysis
  • Business portfolio
  • Ansoff’s Matrix
28
Q

What does step 3 of strategic marketing planning involve?

A

Ansoff’s matrix: Market penetration, Market development, Product development, Diversification

29
Q

What are the five areas of strategic market action?

A
  • Competitive advantage
  • Generic strategies
  • Competitive position
  • Strategic intent
  • Marketing planning
30
Q

How is competitive advantage achieved?

A

When an organisation has an edge over competitors when attracting buyers. It has superior value proposition.

31
Q

What are the generic strategies?

A
  • Cost leadership
  • Differentiation
  • Cost focus
  • Differentiation focus
32
Q

What is strategic intent?

A

It looks as strategic competition and warfare, strategic cooperation and relationships

33
Q

What is marketing planning?

A

It looks at organising and implementing strategic action.

34
Q

What are strategic marketing growth goals?

A

Intensive growth - familiar market/product concentration, intensifying activities: increase market share

Integrative growth - continue with same products, sane market but take on other activities in value chain

Diversification - develop activities outside current value chain, bring new value through new products and markets

35
Q

What does S and W involve in SWOT?

A

Internal analysis: strengths + weaknesses

  • Factors that affect success that are within control
  • Focus - factors recognised and valued by customers
36
Q

What does the O and T involve in SWOT?

A

Opportunities and threats (external analysis [PESTLE])

  • Anticipated events or trends in environmental and not within management’s control
  • Include aspects of environment which make it attractive
  • Assess likelihood of each threat and potential damage
  • Focus on most probable and harmful threats
37
Q

What is structured strategy generation?

A

Matching strategies - match strengths to opportunities in the environment

Opportunities for which we have no strengths are only food for further thought

38
Q

What is a perceptual map?

A

It provides a visual picture of how customers see different competitors.

39
Q

What is portfolio analysis?

A

A business portfolio is the collection of businesses and products and brands (SBU’s) that make up company.

The company must:

  • Analyse current strategic business units
  • Decide with SBUs should receive investment
  • Develop growth strategies
40
Q

What is the Boston Matrix?

A

Market growth vs market share

  • Question mark (High MG, low MS)
  • Dog (Low MG, Low MS)
  • Stars (High MG, High MS)
  • Cash cow (Low MG, High MS)
41
Q

What is the adapted Boston matrix?

A

Includes relative market share - relative to who? relative to which market segment?

42
Q

What portfolio issues exist?

A
  • How fast will the market grow?
  • What will be our market share?
  • What investment will be required?
  • How can a balanced portfolio be created from this point?
  • How can we manage lifecycles?

Marketing (11 decks)

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